Market
The United States Department of Agriculture (USDA) released its monthly February report on world corn supply and demand on Tuesday (11). The highlight was a downward revision in the projection of the 2024/25 global harvest, which went from 1.21435 billion tons (January estimate) to 1.21247 billion tons.
Corn production in the United States remained unchanged from the previous report, remaining at 377.63 million tons.
Harvest projections for the other major corn producers were presented as follows:
The USDA projected ending stocks for the 2024/25 world corn crop at 290.31 million tons. This number represents a drop from the 293.34 million tons indicated in the January report and is also below market expectations, which pointed to 293.1 million tons.
The February USDA report presents a slightly tighter global corn supply scenario than previously anticipated, with a small reduction in total production and ending stocks below initial projections and market expectations.
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